SPH divests convenience store chain Buzz

The group will retain its right to distribute its publication at Buzz outlets.

Singapore Press Holdings’ (SPH) subsidiary The Straits Times Press is divesting its convenience store chain Buzz to Thai-Pore Enterprise for an undisclosed amount, the company announced in an SPH filing.

Straits Times Press has entered into a sale-and-purchase agreement with the Malaysian Thai-Pore, which has 40 years of history in the distribution, import, and marketing of beers, wines, spirits, and spring water. The divestment is expected to be completed once conditions have been satisfied.

Buzz operates and franchises a chain of over 50 convenience stores island-wide at bus interchanges, bus shelters, MRT stations, shopping malls and HDB heartlands.

SPH expects the sale of a non-core business to sharpen its focus on its main business segments of media, retail real-estate, student accommodation, and aged care, the filing stated.

The group added that it will retain its right to distribute and sell its publications at all the Buzz outlets.

The divestment will not have a material impact on the earnings or the net tangible assets per share of SPH for the financial year ending 31 August, according to SPH.